1. Chapter 5 Feasibility & Business Planning
Entrepreneurship

2. Business Concept Clear and concise description of an opportunity
4 Elements:
The product/service and features
The customer
The benefit
The distribution
Purpose: to focus your thinking and begin the Business Planning process

3. Feature
A distinctive aspect, quality or characteristic of a product or service

4. The Customer
Demographic of people that you are trying to reach and sell to
Done thru:
Marketing
Advertising
Word of mouth
Reputation

5. Benefit Something that promotes or enhances the value to the customer
Example: convenience, good deal

6. Distribution How can you get your product/service to your customers
Retail store
Wholesale – selling to retail stores
Mail order
Online
Door-to-door delivery

7. Concept Statement
Eastside Sports offers sporting equipment and apparel to local teams and to people who play sports. It provides the convenience of one-stop shopping at a retail outlet in the customer’s own neighborhood.
Lower East Side, Manhattan, New York City

8. Feasibility Analysis The process used to test a business concept
Does it have potential to sell?
Is there enough demand?
What are my margins?

9. Define Vocabulary from book on back of your notes
Industry
Competitive Grid
Prototype
Target Customers
Business Model

10. 5.2 The Business Plan
Entrepreneurship

11. Business Plan
a document that describes a new business and a strategy to launch the business

12. Business Plan
It contains several sections and is written with great detail
People that you would like to read your business plan would include:
Investors
Bankers
Potential Management
Partners

13. Purpose of the Business Plan
Emphasize key points that will persuade the reader of the value of your Business Concept

14. Business Plan Sections
Executive Summary
Management Team Plan
Company Description
Product & Service Plan
Mission & Vision Statements
Industry Overview
Market Analysis
Competitive Analysis
Marketing Plan

15. Business Plan Sections
10. Operational Plan
11. Organizational Plan
12. Financial Plan
13. Growth Plan
14. Contingency Plan
15. Cover Page
16. Title Page
17. Table of Contents
18. Supporting Documents

16. 1. Executive Summary
a brief recounting of the key points contained in a Business Plan